Afton Properties Acquires Multifamily Asset In Riverside For $53.5M
SOLD
$53,500,000
+ 1
California
See Similar DealsMultiFamily212,292 SF
Sold
SOLD
Afton Properties Acquires Multifamily Asset In Riverside For $53.5M
5252 El Cerrito Drive, Riverside, CA, USA
See Similar DealsMultiFamily212,292 SF
Sold
+ 1
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$252
Total Square Footage:212,292 SF
Transaction Type:Sale
The multifamily property located at 5252 El Cerrito Drive in Riverside has been sold for $53,500,000. The transaction took place on August 20, 2019. The property has a total square footage of 212,292 and a price per square foot of $252.01. The buyer of the property was Afton Properties, and the seller was Klingbeil Capital Management.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $53,500,000
- Address: 5252 El Cerrito Drive
- Market: Riverside
- Square Footage: 212,292
- Price Per Square Foot: $252.01
The deal was facilitated by brokers Jim Fisher, Jeff Rowerdink, Mike Smith, and Joe Leon from Berkadia.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,853,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$190,074.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$253,617.29
Annual Debt Service$3,043,407.53
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